Should the state do more to support redevelopment of Providence’s ‘Superman’ building?

THERE’S BEEN little outward sign of progress on a proposed $223 million redevelopment of the Industrial Trust Co. Building, Providence’s tallest, since it was announced more than a year ago. PBN FILE PHOTO/ PAMELA BHATIA

More than a year has passed since a proposed $223 million redevelopment of Providence’s tallest building was announced and the project remains in limbo.

Gov. Daniel J. McKee’s office told Providence Business News it is still in talks with the “Superman” building’s owner, High Rock Development LLC, about economic challenges that have contributed to the delay in coming up with needed financing. High Rock has not responded to requests for comment on the project’s status.

The total cost of the project was originally $223 million with construction to take 30 months. The plan called for 285 residential apartments, with 20% deed restricted, 8,000 square feet of commercial office space and a 26,000-square foot banking hall with retail and event space.

The city and state have both approved financial support. That includes $26 million in state incentives and contributions, a $10 million loan from the city’s Housing Trust and a $5 million city grant, bridge financing from the Rhode Island Foundation as well as millions in federal tax credits.

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The City Council has also approved a 30-year tax stabilization agreement projected to save High Rock $29 million in property taxes.

Should the state do more to support the redevelopment of Providence’s 'Superman' building?

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